Major Japanese firm Mitsubishi UFJ Financial Group (MUFG) has announced it is leading a research consortium on security tokens with the Security Token Research Consortium that has gathered tech companies, broker dealers and security issues.
According to Coindesk, MUFG, the biggest financial group in Japan and the fifth largest bank in the world by assets, is leading the Security Token Research Consortium to carry out research on methods to develop standards relating to security tokens.
The consortium is made up of 22 organizations, including major firms in Japan such as telecommunications companies KDDI Corp and NTT Docomo Inc.
Meanwhile, Securitize, a company that specializes in the management and issuance of digital securities, will act as the issuance platform provider for the project.
To drive the development of security tokens in Japan, the 22-member consortium will be researching how to use blockchain technology to provide financial services, especially for automatic settlements relating to securities.
Moreover, the consortium has revealed it will be developing a security blockchain under the name of “Progmat” that will help stakeholders manage securitized assets.
Apart from leading the research on security tokens, MUFG is driving other blockchain projects such as a blockchain payment system being developed with Alkami Technologies, a financial technology specialist, that is scheduled for launch in 2020.
MUFG is also conducting a blockchain trade platform trial in cooperation with NTT Data that will help promote trade between Japan and Singapore.
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